Real estate props up market

Money continued to flow into real estate stocks on May 27, extending rallies on both securities exchanges.

Money continued to flow into real estate stocks on May 27, extending rallies on both securities exchanges.

On the Hochiminh Stock Exchange, the VN-Index climbed 1.6 percent to close May 27 session at 552.75 points, with gainers outnumbering losers by 194-46.

Blue chips also gained as 28 of the top 30 shares by market value and liquidity increased, lifting the VN30 up 1.62 percent at 605.87 points.

Real estate stocks were the biggest gainers on May 27, with four real estate companies among the five most active stocks.

They included FLC Group (FLC), Hoang Quan Consulting Trading Service Real Estate Corp (HQC), Tan Tao Investment Industry Corp (ITA) and Becamex Infrastructure Development Co (IJC).

FLC was the most active stock with more than 11 million shares being exchanged, surging 1.8 percent to end at 11,300 VND a share.

The others above-mentioned also saw between 4.5 million and 8.8 million shares each being traded. All these shares gained between 1.8 percent and 6.5 percent in value.

Overall, market trading was active, with market volume up 50 percent over the previous session, totaling more than 127 million shares, while trading value also increased 40 percent, reaching 1.74 billion VND (82.5 million USD).

Bargain-hunting soared as risk eased, pushing up liquidity on both exchanges on May 27, they wrote in a note.

On the Hanoi Stock Exchange, the HNX-Index also rose 2.63 percent to close at 76.85 points, while the HNX30 was up 4.37 percent to stand at 155.08 points.

The market volume more than doubled May 19 session, totaling 93.3 million shares, and trading value rose 250 percent to reach 860.4 billion VND (40.8 million USD).

Property shares were also the dominant codes on the northern bourse, led by PetroVietnam Construction Corp (PVX) and Sacomreal (SCR) with more than 11 million shares of each stock being traded.

PVX jumped 8 percent to end at 5,400 VND per share, while SCR grew 7.23 percent to settle at 8,900 VND per share.

Foreign investors concluded on May 27 as net buyers on both markets but their net buy values were modest at nearly 55 billion VND (2.6 million USD) worth of shares.-VNA

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